Apparently, there are some politics things happening these days.
But even more apparently, the tax deadline is three weeks away.
Politics? As the young people say, ain’t nobody got time for that.
But you know what we DO have time for? Saving you a boatload on your taxes, and finding creative ways to do that, even if you don’t think about it.
I have an example for you today, but before I get there, allow me also to inform you that there is currently $1.4 billion (yes that’s with a B) in unclaimed tax refunds sitting on Uncle Sam’s books right now from 2015. If you somehow didn’t file a tax return in 2015 (or maybe you did, and you just … aren’t quite sure it was done right), well, we’re right here. Let’s help you get what is rightly YOURS.
It’s what we’re here for.
And you know what we’re also here for? Creative tax deductions. You “pet”cha…
Timothy Phillips’ Under-Utilized Pet Tax Deductions
“The better I get to know men, the more I find myself loving dogs.” – Charles de Gaulle
I’m going to dip into the “something you don’t hear every day” file with an interesting bit of information: our pets can save us some serious cash.
Well, it may not be serious cash in terms of a massive amount, but I am serious about this interesting set of pet tax deductions.
Here are a few ways a pet could save you, or someone you know, money in the future. Man’s best friend just got friendlier…
Many Dallas/Fort Worth individuals have been diagnosed with a physical or mental condition that requires a trained therapy animal.
I’m here to tell you a therapy animal can be counted as an itemized medical expense.
However, I’ll reiterate … this is only the case if your doctor has prescribed you one of these therapy animals. No matter how comforting it is to get home and snuggle with your dog after a long day at work, that’s not the kind of thing that qualifies.
The write-offs mostly pertain to food, veterinary bills, training and grooming.
If you have a guard dog that looks over your Dallas/Fort Worth business after-hours, you might be eligible to write off similar expenses (food, vet, training, etc.) for a job well done.
I say “might be eligible” because it’s important you take notes of the hours your dog works on a weekly basis.
But the IRS might call you to question when they realize that your “guard dog” is your Corgi lounging around the office. Make sure, if you are going to go through the effort of keeping solid records for your guard dog, that it’s actually a guard dog.
Here is something you might not know about in the first place: there is a need out there for fostering animals while shelters find long-term homes for a pet.
This is certainly a noble cause, especially if you already have pets of your own. And write-offs accompany your effort to find those pets a permanent place. Again, it’s important you keep scrupulous notes and documentation about what you spend on your foster pets before you apply for a charitable deduction.
Of course, any pet-owner will tell you that pets are certainly more than tax write-offs. And hopefully you are now aware of one more way they help us out.
All the more reason to treat our animals well. They clearly care for us.
Timothy A. Phillips, CPA, PC